Fintech technology and its implementation within the business sector has made drastic changes in the last few months as fast and more efficient payments have been a priority, particularly when shopping online. But how else has this affected some of the world’s most competitive industries? In this article, we will be looking into some of these industries as well as how fintech technology has helped to streamline processes and provide customers with a new and improved way of buying online.
When looking into some of the ways that Fintech technology has revolutionised banking in recent years, it is important to look at the rise of online banking. With new and emerging technologies such as mobile banking applications and mobile-first banks, this has revolutionised the way that many of us manage our finances on a daily basis, this comes after recent studies have found that 97% of millennials are using mobile banking in the last few years.
This has not only allowed for constant access to funds but fintech technology has helped to make trades and payments significantly faster in the long term. With blockchain technology revolutionising payment methods and increasing efficiency, this is just one of the ways that banking is changing for the better in the long term.
In addition to modernising old banking practises, technology such as blockchain as well as mobile banking applications have helped to change behaviours around traditional banking. With Google and Apple pay providing users with the ability to pay from a mobile device almost instantly, users no longer need to head to the bank to transfer money and apply for loans. This has affected banking options as people now have access to alternative finance options online as well as the ability to make bank transfers from their phones.
As the attitudes around finance have changed there are a number of industries that have been affected one of these being the entertainment industry. With more and more people watching video content and playing games online, access to online deposit methods needs to be better than ever. Not only does this technology need to supply a reliable way of making deposits online, it also specially designed to provide security as standard for both businesses and individuals.
In addition to the entertainment industry, there have been notable changes to banking solutions in other competitive industries such as online shopping. With payment verification methods as well as two-step verification methods to increase security, this has helped to increase efficiency as well as appeal to younger audiences when shopping online. This comes at an important time for the retail industry as 19.7% of retail sales in June of last year where solely from internet sales.
With this in mind, fintech technologies and their implementation within a number of different industries are set to help revolutionise the business sector and maintain competitiveness in the near future and help to provide new and exciting opportunities for customers.